The Ministry of SMEs and Startups (MSS) in South Korea has announced the ‘April Shopping Festival’ to stimulate consumer spending and support small businesses. This initiative responds proactively to weakened consumer sentiment due to the Middle East conflict and aims to revitalize the domestic economy. Since its inception in 2020, the festival has served as a flagship campaign to boost nationwide consumption and increase sales for small and medium-sized enterprises (SMEs) and local merchants. The 2024 edition features expanded discounts, new events, and a focus on regional economic engagement.
The festival directly impacts over 33,000 SMEs and small merchants, as well as millions of consumers across Korea. More than 200 online and offline distribution channels are participating, offering large-scale discounts and exclusive benefits. The event is closely linked with 50 regional festivals, encouraging both local tourism and spending. Special programs target both domestic and international visitors, including product exhibitions and sales at major venues like Gwanghwamun Square.
Running from April 11 to May 10, 2024, the festival introduces several temporary measures: the digital Onnuri voucher discount rate increases from 7% to 10% between May 1 and May 5, and nine credit card companies will provide a 10% statement discount at designated stores. Online platforms such as Kakao, Gmarket, and Naver offer discounts up to 70%, while offline retailers like Hanaro Mart and major department stores provide up to 90% off on apparel and kitchenware. Additional events include pop-up stores, receipt challenges, and mobile gift certificate giveaways.
Frequently asked questions include: Who can participate in the festival? Anyone, including foreign visitors, can join the events and benefit from the discounts. What are the main benefits for consumers? Shoppers can access discounts up to 90% on select items, enjoy card statement rebates, and participate in prize events. Where can more information be found? Details are available on the official festival website and the KakaoTalk ‘동행축제’ channel.
The April Shopping Festival is a strategic initiative by the Ministry of SMEs and Startups to counteract declining consumer sentiment and support small businesses. By significantly increasing discounts and linking the festival with regional events, the policy is well-positioned to drive both local tourism and consumption. The temporary boost in digital voucher discounts and card rebates provides immediate incentives for shoppers. Overall, the festival is expected to deliver tangible benefits to SMEs and stimulate economic recovery in the short term.